Tata Group on Wednesday announced an investment of 4 billion pounds (about Rs 42,500 crore) in setting up a flagship factory to make batteries for Jaguar Land Rover as well as other manufacturers. Tata Sons, owner of JLR, chose Bridgwater in Somerset in southwest England for the gigafactory over a rival location in Spain. The gigafactory, at 40GWh, will be one of the largest in Europe and Tata's first outside of India, the conglomerate said in a statement.
Tatas plan to revive, not sell the Port Talbot steel plant. The investment could be as much as $500 million.
Corus Group chairman Jim Leng will receive an addition payment of pound 750,000 (Rs 6.41 crore) for turning around the Anglo-Dutch steel maker in the past two years.
Dispute relates to premature termination of a deal to buy TCP steel
Gupta has expressed an intent to buy Port Talbot, Britain's biggest steelworks
The panel may also decide on a sealed process where bidders' offers are final, or a standard auction held over a period of days.
Sanjeev Gupta, chief of Liberty House, is being dubbed UK's new 'man of steel' after he emerged as a potential saviour of 4,000 jobs
Once Bhushan Steel is into its fold, Tata Steel will increase its capacity from 12.7 million tonnes per annum (mtpa) to 18.3 mtpa
The nine-round auction called by the UK Takeover Panel to decide the winner between the two suitors began at 2200 hrs Indian time (1630 hrs GMT) and will end the slugfest that has been on for three months.
The battle for Anglo-Dutch steelmaker Corus is set to intensify with the UK takeover panel mulling over a rare intervention by arranging an auction between the two bidders - India's Tata Steel and Brazil's CSN.
While admitting that $12-billion deal to acquire the Anglo-Dutch steel maker Corus was 'expensive', Tata, however, said he was hopeful of a turnaround by the struggling European steel giant.
It is believed that Tata Sons was unhappy with Mistry's approach of shedding non-profit businesses, including the conglomerate's steel business in Europe, and concentrating only on cash cows
JLR, Tata Steel Europe CEOs caution staff on high risks of leaving the EU
Tata Consultancy Services, the $73 billion IT group, is India's biggest company by market value and four times the size of any other listed Tata entity
Here's a look at how key Tata group companies fared under Cyrus Mistry's stewardship.
Teesside, located in the north-east region of the UK, is an important part of the Tata Group's business presence abroad. It also has two contrasting tales for India's largest business group.
Mistry's strategy appears to be the opposite of the group's stance in the heady days of 2007
Which were the five businesses Ratan Tata had great hopes for, but his successor failed to deliver?
At the end of 2018-19, the Tata group had a consolidated debt of Rs 2.77 trillion. Tatas not only plan to avoid big-ticket acquisitions for now, the group's main focus will be on improving key metrics and reduce debt, say Shally Seth Mohile & Dev Chatterjee.
'The idea is to align the HR policies and work culture with changing times'.
The UK on Tuesday assured complete government neutrality on Tata Steel's bid to acquire Corus and sought similar treatment for British telecom firm Vodafone in its bid to acquire mobile venture Hutchison-Essar.
Auto, pharma, IT, chemicals among sectors with significant reliance on UK and European nations with Tata Motors, Motherson Sumi, Tata Steel, TCS, Wipro, Infosys and Tech M among key names.
The trading firm is under pressure from lenders to raise funds.
The Indica, known to Europeans as City Rover, was rolled out in November 2003 but did not succeed in the market where consumers are very choosy about the vehicles they buy.
Chevening Scholarships offer full financial support for one year to candidates applying for a master's degree at any UK university.
Uttam Galva Steels is a part of the Reserve Bank of India's second list of cases, which will be referred to the bankruptcy tribunal for insolvency proceedings after lenders failed to resolve the account by December 2017.
Fourteen per cent of the $16 billion invested by Ratan Tata in M&As abroad has been written off by his successor.
Firms to find alternative export routes or face increased trade barriers
Banksy fans are flocking to the Welsh town of Port Talbot to see a new mural by the elusive British street artist depicting a child covered in snow that is in fact ash from a burning bin. Now metal barriers and traffic wardens have been brought in to manage crowds around the new Bansky artwork that was painted on a Welsh garage.
John Elliott, the author of Implosion: India's Tryst with Reality, on his Riding the Elephant blog, says the sacking of Cyrus Mistry as chairman of Tata and Sons was in line with Ratan Tata's personal style of dealing with executives
The US Federal Reserve's interest rate decision, global cues, macroeconomic data announcements and the ongoing quarterly earnings are the major triggers that will dictate trends in stock markets this week, analysts said. Besides, the trading activity of foreign investors and the movement of global oil benchmark Brent crude will also be tracked. "All eyes are on the outcome of the US Federal Reserve meeting scheduled for November 1, particularly due to the multi-year high levels of the US bond yields.
Tata Steel had made an offer to buy out UK-based Corus at 455 pence per share taking the enterprise value of the company to $10 billion.
As Tata and DoCoMo look for out-of-court settlement, here's a blow-by-blow account of the long legal tussle
'Jaguar Land Rover will manage the long-term impact and implications of this decision.'
During the 11 years ending FY15, Tata Sons cumulatively earned dividend income of around Rs 31,500 crore from TCS.
Sensex, Nifty end the day in red ahaead of F&O expiry.
Speaking on the sidelines of CII annual regional meeting in Kolkata on Tuesday, Tata Steel group CFO Koushik Chatterjee confirmed that production cut continues to be around 40 per cent. Exuding confidence that the company will be able to save 600 million pounds by March as envisaged, Chatterjee said, "The cost saving measures are on track at Corus in line with the target."
PowerGrid was the top gainer in the Sensex pack, surging over 4 per cent, followed by Bharti Airtel, Tata Steel, NTPC, HDFC Bank, UltraTech Cement and Kotak Bank. On the other hand, TCS, Nestle India, Reliance Industries and HCL Tech were among the laggards.
Tata Steel, others sell assets abroad after taking massive impairments.
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